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Khazanah to announce e-wallet service providers under e-Tunai Rakyat, MoF says

KUALA LUMPUR (Dec 19): Khazanah Nasional Bhd will announce the participating e-wallet service providers in the e-Tunai Rakyat initiative, which is part of Budget 2020, said Finance Minister Lim Guan Eng in a statement today.

The scheme, which will be rolled out from Jan 1 to Feb 29 next year, will entail giving RM30 to each Malaysian aged at least 18 years earning below RM100,000 per annum, which can be used to pay for goods and services through these selected providers.

"Khazanah will also be bringing on board selected e-wallet service providers that together provide a ready platform of a large number of active users and a broad merchant network for the e-Tunai Rakyat initiative to leverage on.

"In addition, the e-wallet service providers also plan to provide additional incentives to further encourage users over the two-month period of the initiative," he added.

Lim said the implementation of the scheme, which involves a RM450 million government allocation, aims to accelerate the use and adoption of e-wallets and digital payments among Malaysian consumers and merchants, especially small enterprises and retail businesses.

"The MoF has appointed Khazanah to facilitate and coordinate the rollout of the e-Tunai Rakyat initiative, which involves close collaboration with various parties including Jabatan Pendaftaran Negara (JPN) and Lembaga Hasil Dalam Negeri (LHDN)," he said.

Lim added the implementation covers multiple areas such as establishing the necessary mechanisms, processes and procedures for the initiative.

"More information on how eligible Malaysians can apply for the RM30 and the terms and conditions of its use will be provided by Khazanah and the participating e-wallet service providers soon," he said.

Lim said the e-Tunai Rakyat programme is in line with the government's Shared Prosperity agenda, which aims to lower barriers to access digital technology and to make the digitalisation process inclusive for all.

"We are confident that the e-Tunai Rakyat initiative will greatly benefit Malaysian consumers and merchants, and achieve its intended objectives of further transforming Malaysia towards becoming a vibrant digital society and economy.

"It is expected that the RM30 to be provided to each person will be topped up based on the conditions and offers by the e-wallet service providers," he said.

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